Charleston, SC · Member since 2018 · 9 posts · 47 votes
My husband and I discovered BP this summer and are ready to start invest! We have enough capital and are actively searching for deals and running the numbers. It’s exciting!
Anyone else got started at or around 35? Tell me about your journey. Our goal is to live off of our RE investments for retirement.
@Steve K. I'm very interested in using a self directed IRA for investing and I must not be talking to the right financial people because I keep getting told that's a bad idea. Any advice?
@Danielle McClelland
I am in exactly the same spot! I am 35 and getting my start this year in RE for the purpose of replacing my income and retiring early. I had one rental house for 3 years, but it was entirely unintentional. I think it is definitely not too late to put some effort in and secure some solid passive income. Best of luck and have fun!
Brandon
Your assumption that you are barking up the wrong tree is exactly right. The mainstream financial services industry has absolutely no interest in you taking control of your own retirement savings and investing in what you know. They can't help you or earn commissions when you do. Anything that hurts their bottom line is very clearly a "bad idea".
Self-directed IRA and 401(K) plans for investing in alternative assets such as real estate are a niche service. You need to reach out to one of the firms that specialize in this field to get any meaningful information on the topic. Several of us are active here on BP.
@Danielle McClelland I'm still in my learning phase after finding Bigger Pockets about a year ago. I'm 37, and trying to fix all the financial mistakes I made in my earlier 30's, and build up a decent reserve fund. My goal is to own a small multi-family home in the next 18-24 months, then go from there.
@Danielle McClelland I’m 35 and we executed the contract for our 3rd house yesterday! Woohoo! I’m glad you asked this question though because I wish I had started 10 years ago.
@J Singh agreed 100% it doesn't matter when you start. It's how effective you are when you do. I bought my first home at 35 and another at 36 that foreclosed back in the crash (now late 40's) sat on it went back to school to pursue a degree in the medical field. I thought that would make me happy. Never read Kiyosaki's RDPD; then I read it last year and realized I was doing it all wrong. Discovered BP middle of this year... learning and trying to network and get going. Today we live in our current home, have 2 single fam rentals that just about break even. Both homes have significant equity (including the one we own) but no cash flow. Working on pulling that equity out. I have a strong six figure income but my biggest mistake was foreclosing on a home back in the crash. So that is holding up a traditional loan for me. I think I have 2 years until that resolves. I also have built up a significant 401k and roth IRA near 300k. Before I place all of that capital at stake I need to do my homework and learn how to see a good deal when it comes across my desk. I need to rely on myself not others. Don't regret that you didn't start at 20, 30, or 60 as long as you start. I would say at least 90% (most likely more) never do real estate. Some never even buy a home! The only time it is too late to do REI is when your heart stops. Dude as long as its still beating YOU ARE IN THE GAME that most never get to play.
I'm 54 and have invested in a handful of flips over the last decade. Up until now I've mainly been the money man for a couple of different investor contractors and haven't been very involved in the actual transactions themselves. In the last six months I've been doing a lot of studying the REI business and recently found Bigger Pockets which is full of great information. I am planning to start doing some deals on my own after the first of the year.
One of the advantages to starting later is that between savings and equity in my own home, I have good working capital that I wouldn't have had at a younger age.
I don't think you're ever really too old to start.
@Stephanie Soltero No and No.... just grinding and putting in the work, word of mouth, driving by ugly properties, CL, Zillow, expired listings, pre foreclosures... etc I take lots time but spend zero money
@Danielle McClelland I purchased my first investment property last year after my husband passed away. I am 57. I also purchased it out-of-state! It is never to late! Do your homework, know your strategy, and just do it!
I bought my first when I was 33, now 35 just bought my second from a wholesaler. Bought a lemon from a volume wholesaler and will suffer. The first flip I made 4k after 1.5 years of many many problems and ripoff contractors, HOA issues, stress.
I'd like to move out of flips after this based on market souring per latest CNBC headline. Still want to invest in the area but need to find a new avenue, maybe a large syndication where I do no work.
My husband I just started our company this year. Age(s) 46 and 50. While I wIsh we started sooner (analysis paralysis), we have set both short and long term goals for ourselves. We are closing on our first Fix and Flip thIs week and I’m focusing heavily on lead generation and wholesaling to other investors in our market. The past is the past.....I’m laser beam focused on the future. Good luck!!
@Danielle McClelland
I just turned 37. We found BP a few years ago and last year bought a property by using equity in our current home. We’re at the tail end of a massive remodel on that one and will have more in equity in that home than my wife has in her retirement plan after 14 years of an employer matched 401k. We are also in escrow on 5 custom home lots. After building on each lot we’ll walk with more money than we have in our retirement accounts combined. Everyone wishes they would’ve started sooner, just be happy you’re finally getting started!
I am 38, started at 36 in 2017... Since February of 2017 I have accumulated 45 units. Hoping to continue that same growth pattern for a little while longer. I currently still work a W-2 job on top of self managing 45 units with a partner. It's been fun, a little stressful at times but overall a good experience.
I am 38, started at 36 in 2017... Since February of 2017 I have accumulated 45 units. Hoping to continue that same growth pattern for a little while longer. I currently still work a W-2 job on top of self managing 45 units with a partner. It's been fun, a little stressful at times but overall a good experience.
How??? How do you aquire so many units in such a short time?